2023 is coming to an end, and Fincom is summing up the results, while looking forward to the new year with hope and anticipation.
During 2023 Fincom was blessed with incredible new clients and partnerships. Fincom has also enhanced its existing solutions with new features, started new developments, entered new markets…
Real-Time Compliance for Real-Time Payments (RTC for RTP)
For the last few years Fincom has collaborated with Finastra, one of the leading global payment providers. Fincom’s AML Sanctions Screening system is now integrated into all Finastra’s payment solutions. Finastra has become Fincom’s number One worldwide reseller.
In 2023 Finastra and Fincom have announced the launch of their RTC for RTP service.
By merging their distinct capabilities, Finastra and Fincom have birthed a unified solution that surpasses individual potential. This partnership isn’t just about RTP or RTC, but a holistic platform that presents a strong shield for banking operations. This community-first approach has set a foundation, paving the way for other partners to join and collectively elevate the standards of banking operations.
Metrics that Matter:
- Alert Rate Reduction: Fincom’s technology slashes alert rates from a staggering 30-50% to less than 3%.
- Faster Alert Resolution: The Case Management System reduces the manual alert resolution time from the standard 8 minutes to a mere 30 seconds.
- Operational Cost-Cutting: Operational expenses witness a drastic reduction of over 90%.
In 2023 Fincom was recognized for its innovative approach and advanced solutions that help banks and financial institutions considerably reduce their operational costs and workloads while increasing the quality of services and covering all AML sanction screening requirements.
Fincom’s Real-Time AML Sanctions Screening recognized by the Banking Tech Awards USA 2023
Fincom’s winning solution revolutionizes AML Sanction & PEP screening, addressing critical challenges faced by financial institutions. With its Phonetic-Linguistic Engine based on Phonetic Fingerprint technology, Fincom’s Real Time AML Sanctions Screening provides unparalleled screening accuracy and operational efficiency. The system eliminates unnecessary burden on compliance teams, mitigates workloads, and decreases operational costs by >90%! Moreover, Fincom’s solution is designed to prevent AML discrimination, thus upholding fairness and integrity within the compliance framework.
2023 – Perfect Pitch: Fincom – the Community Pioneer
We at Fincom are proud to have been recognized for our innovative contributions. Our co-founders, Gideon Drori and Dr. Oleg Golobrodsky were active participants in the discussions that took place at the conference. Even more excitingly, Fincom emerged as the winner of this year’s Sibos’ Perfect Pitch competition. Gideon Drori had the honor of delivering the winning pitch that encapsulated Fincom’s vision for and practical steps towards a collaborative financial industry as a Community Pioneer.
Fincom with its leading AML Screening Solution is recognized among the world’s most innovative RegTech companies.
Being included in RegTech 100 list for the second time, shows company’s dedication to innovation and continues excellence in bringing efficient solutions to the financial industry. The RegTech100 list serves as a valuable resource for senior management and compliance professionals seeking to evaluate solutions with market potential and a lasting impact on the industry. Fincom continues to be at the forefront of this industry, delivering exceptional value to its clients worldwide.
Watch Fincom’s latest 2023 short videos and interviews
Sibos TV: Meet the ‘Discover the perfect pitch winners’
Sibos 2023: Navigating Compliance-as-a Service Solutions
Fincom: Community Pioneer
Fincom: Ambitious Adventurer
Stepping into 2024
More and more financial and non-financial institutions are benefiting from advanced unique capabilities provided by Fincom’s AML solutions. Many US banks have already incorporated Fincom’s system and report exceptional quality, sharp reduction in operational burden, ease of use…
Fincom starts delivering its AML solutions to the Insurance industry. Insurance entities present a substantial opportunity for the facilitation of money laundering activities due to their involvement in the extensive transfer and management of substantial financial resources. Fincom helps Insurance firms implement transparent and accurate AML screening practices, maintain reputation, and gain consumer trust.
Fincom also focuses on the issues of Bank Account Verification and Confirmation of Payee. According to leading international cross-border payment providers, approximately 5% of all payments are misdirected, landing in wrong accounts. Banks incur significant losses due to operational costs involved in handling misdirected payments. According to regulatory requirements, payment service providers (PSPs) must verify whether the account number and the name of the payee provided by the payer, match. If not, the payer should be notified immediately after they enter their counterparty Account Number and name in the PSP’s app or website, before being able to finalize the payment.
Fincom delivers ultimate solutions for Bank Account Verification for both Incoming and Outgoing payments, resolving mistakes and fraud attempts that lead to Misdirected payments.
At the heart of the solutions is Fincom’s unique technological capability of accurate name matching, based on its Phonetic Fingerprint Technology (see details below).